PERAC seeks maintenance on its existing software program (Proval, the proprietary actuarial valuation and data system created and maintained by Winklevoss Technologies, LLC). Such software performs actuarial valuations for the 104 retirement systems within the Commonwealth of Massachusetts. This program also provides data analysis for possible early retirement incentive programs and other proposed legislation. We began using the ProVal software back in 1998 to carry out the essential functions as required by Massachusetts General Laws, Chapter 32, Sections 21(3)(b) through 21(3)(f). As the importance of the funded status of public retirement systems continues to grow, it is essential to maintain the software to enable PERAC to continue to carry out these essential functions.
